Business NEWS

Touting that businesses can either be a destructive force or a powerful agent for regenerative change, Lopez-led First Gen Corporation is opting for the latter as it pushes for the developments of decarbonized, resilient and socially-inclusive infrastructure facilities; as well as on pioneering the integration of smart cities.

Lopez-led First Gen Corporation, through its corporate vehicle FGEN LNG Corporation, has formally shortlisted three prospective bidders on its procurement of floating storage regasification unit (FSRU) for its interim liquefied natural gas (LNG) import facility in Batangas.

The board of directors of First Gen Corporation approved the declaration of cash dividends on array of its preferred shares that shall be paid to its shareholders by January next year.

While sustainability is just flourishing as a battle cry and pursuit for many corporations in the Philippines as underpinned by the implementation of the environmental, social and corporate governance (ESG) framework this year, First Gen Corporation Chairman and CEO Federico R. Lopez highlighted that “corporate sustainability that seeks to simply ‘tick the box’ or do less harm is no longer good enough.”

Scion Manuel “Beaver” L. Lopez Jr. has been designated board director at listed firm First Gen Corporation, taking the seat vacated by his cousin Eugenio “Gabby” L. Lopez III, who bowed out from the company’s board last September.

               The country’s biggest power generation companies are eyeing to join the competitive selection process (CSP) of Manila Electric Company (Meralco) so they can corner contracts on the utility firm’s future power supply portfolio.

Lopez-led First Gen Corporation has posted 12-percent decline in earnings to P9.6 billion (US$190 million) in the three quarters of this year vis-à-vis heftier profitability of P11.3 billion (US$217 million) in the same period last year.

When its interim import terminal for liquefied natural gas (LNG) will kick off commercial operations in 2022, FGEN LNG Corporation, a subsidiary of Lopez-led First Gen Corporation, will in parallel be setting in motion the market introduction of gas for locators in economic zones and industrial parks in the country.

Lopez-led FGEN LNG Corporation will conclude by the middle of next month the bid process for its planned chartering of a floating storage regasification unit (FSRU) to serve as its interim facility on targeted importation of liquefied natural gas (LNG) starting year 2022.

Lopez-owned First Gen Hydro Power Corporation (First Gen Hydro) has pledged P33 million worth of donation to its host-community for the completion of a water supply and distribution system project in Pantabangan, Nueva Ecija.

Even in the midst of a pandemic, the employee-volunteers of First Gen Corporation had not passed up on a virtuous chance to raise thousands of pesos for a charity drive to help indigents in Batangas, part of the community hosting the company’s power projects.The platform they employed was a hi-tech and innovative tree planting activity enabled through the aid of Facebook and Zoom apps – and it is considered a pioneering approach under the ‘new normal’ paradigm of living weaved in a health crisis.

The Department of Energy (DOE) has approved the construction timeline applied for by FGEN LNG Corporation, a joint venture of Lopez-led First Gen Corporation and Tokyo Gas Co. Ltd., for the US$300 million floating storage regasification unit (FSRU) project so it can bring liquefied natural gas (LNG) into the country starting 2022.